Re: I Need To L/O With Landlord With Existing Tenants - Posted by Felix in San Antonio
Posted by Felix in San Antonio on December 11, 1999 at 23:43:04:
We just L/O’ed a house in mid Nov with tenants. The tenants have expressed lots of interest in buying. (As it turned out, they were trying to buy back in Jul/Aug, but couldn’t get qualified for a loan. So, they opted to rent. The seller/owner was desparate - long story short - she couldn’t afford payments and needed to cover expenses ASAP.)
We picked up the house for $91K and could sell today at about $101K-$103K. We told tenants that they could L/O for $109K with a term through June 2001. Husband said price was high; my partner/wife explained price was cheap and they had the option to leave at the end of their current lease which expires at end of next July.
Husband said, “OK, we’ll take the L/O.” It turns out the wife REALLY wanted this house. My partner will negotiate down this Mon. We are giving them a $1,000 credit on repairs done. They went into a mess of a house and made repairs which the owner never honored; remember, she could not make the payments, much less repairs.
Either way, we win. When we acquired the house, we informed tenants that if payments were not in our office by the 1st of each month, we would take actions to remove them from the house.
Good luck with your scenario!